Project Everest

Adopted Experiment

[Adopted Experiment]: Fuel I Timor-Leste July 2019 - Bank Deposits

Lean Phase:

Channels and Revenue Streams.

Assumption:

That people in our customer segment have previously been to a bank, made a payment at a bank or would be willing to do so.

Time Box: 

Two weeks.

Success Metric:

Metric

% of paying customers who have previously or would be willing to pay for an item at a bank. 

Green Light:

Incorporate bank payments into online ordering system or payment plans for stove sales (payment plans experiment: https://projecteverest.crowdicity.com/post/1027960). Proceed to testing this channel through sales of the stove using bank payments.

Success point:

70% of people in our customer segment have previously made a payment at a bank or would be willing to do so.  

Orange Light:

Empathise with customers to determine their preferences or issues with the payment method. Investigate other ways customers may make purchases directly from Project Everest Ventures.

Engage with the banks to determine what could be improved to increase success of the payment method and remove blocks.

Investigate if the payment method needs improvement and any blocks in the method.

Failure Point:

Less than 30% of people in our customer segment have previously made a payment at a bank or would be willing to do so.

Red Light:

Refocus on other payment methods.

Refocus Facebook page away from sales and more on awareness of the stove and project.

Look at cash payment upon collection or on delivery as alternatives.

Potentially proceed to payment plan experiment, but with a different method of payment. See experiment here:  https://projecteverest.crowdicity.com/post/1027960

 

Experiment build

  1. Establish that the PEV bank in Timor-Leste is able to process invoice payments, such that customers are able to pay into the account with cash. If not investigate setting up the required account.
  2. Set up an invoicing system capable of producing invoices for the total amount of the stove for customers placing an order (both through face to face sales and online orders).
  3. Write up a survey understanding people’s experiences with making payments at a bank and their willingness to do so.
  4. Approach 50 people within our customer segment to conduct interviews.
  5. Interpret results to determine pass/fail and any alternate methods customers use to make purchases. Ensure people interviewed match customer segment.
edited on 23rd July 2019, 04:07 by Lucy Preiss

Andrew Vild 6 months ago

Status label added: Experiment adopted

Reply 0

Lucy Preiss 4 months ago

Status label added: Proposed Experiment

Status label removed: Adopted Experiment

Reply 0

Lucy Preiss 3 months ago

Status label removed: Proposed Experiment

Reply 0

Lucy Preiss 3 months ago

Status label added: Adopted Experiment

Reply 0